10 things you need to know today

Business Insider

Dec. 19, 2016, 06:49 AM

Here is what you need to know.

The world's oldest bank is trying to save itself. Monte Paschi is trying to sell stock to raise 5 billion euros, and if that fails, the Italian government is prepared launch a broader 15 billion euro ($15.7 billion) rescue plan for the banking system, a person close to the matter told Bloomberg.

Japan's trade surplus narrows. Data from Japan's Ministry of Finance showed the country's trade surplus narrowed to 152.5 billion yen in November, down from 496.2 billion yen reported in October, as both imports and exports showed improvement. The Japanese yen is stronger by 0.6% at 117.22 per dollar.

German businesses are growing more optimistic. "The German economy is in a festive mood," wrote Professor Dr. Clemens Fuest, the president of the Ifo Institute, after a survey of business conditions improved to 111.0 in December, up from 110.4 in November. The euro is weaker by 0.1% at 1.0439 against the dollar.

Australia's 'AAA' rating is at risk. Standard & Poor's held Australia's long-term rating at AAA, but it said the "government's worsening forecast fiscal position, as outlined in its latest budget projections earlier today, further pressures the rating." The Australian dollar is down 0.4% at .7274 versus the dollar.

Apple is going to war with the EU. The tech giant plans to formally launch a legal challenge against the European Union this week regarding the record-breaking $14 billion tax bill it received in August.

US economic data trickles out. Markit services PMI will be released at 9:45 a.m. ET. Additionally, Fed Chair Janet Yellen will speak on the job market at 1:30 p.m. ET. The US 10-year yield is lower by 1 basis point at 2.58%.